Tax Planning

Graduating School
Tax Planning

Withdrawing from a RESP

When withdrawing from a RESP, you should remember that withdrawing can either be for school purposes or non-school purposes. Each course has it’s own consequences. In order for a beneficiary to proceed withdrawing from a […]

Spousal RRSP
Tax Planning

Withdrawing from a Spousal RRSP

Withdrawing from a spousal RRSP is permitted and withholding tax rates apply. However keep in mind that tax on withdrawals from a spousal plan will be taxed in the annuitant’s name only if no contributions […]

RRSP Contribution
Tax Planning

Rules of RRSP Contributions

Anyone who has “earned income” such as employment earnings can contribute to an RRSP – up until December 31st of the year they turn 71.  Earned income may also include self-employment income, CPP/QPP disability payments, and net rental […]

Death of a RRIF Annuitant
Estate Planning

Dealing with a RRIF Account Upon Death

Naming a beneficiary on your RRIF account allows you to avoid probate fees as your RRIF account upon death will not be part of your estate. If you have a RRIF, it’s important to make […]

Taxation of RRIF
Tax Planning

Withdrawing from a RRIF

At the end of the year you turn 71, your RRSP matures and you must convert it to a Registered Retirement Income Fund. Withdrawing from a RRIF is based on a minimum percentage that would […]

Spousal RRSP Withdrawals
Tax Planning

Splitting Income with a Spousal RRSP

Spousal RRSP allow tax payers to effectively split income and save on tax. This is especially true when there is a large income disparity between spouses. Spousal Registered Retirement Savings Plan are opened in the […]

Withdrawing
Tax Planning

Withdrawing from RRSPs

Withdrawing from your RRSP is usually discouraged as withdrawals are meant to happen when you’re in retirement and at a much lower tax bracket. Your options are as follows. […]